Markets trade as expected to the downside as week and earnings progress but also some 'new' bad news adds to the negative spin. Corporate CDO's, not mortgage related, likely show losses of $1 tril. (see earlier blog). Breakout of the triangle pattern is imminent and can happen every day with a negative trend in earnings set. People will slowly readjust the next earnings and hence their stock positions and the urgent call of Citi's strategist (who has been wrong all along - he is more a contra-indicator) makes a dip in stocks very likely.
http://www.cnbc.com/id/27307108:
Citigroup chief U.S. equities strategist Tobias Levkovich says investors should be dipping into the stock market right now.
Technical update after the first hour is over - VIX at 65 showing a high for today at 81??
Wednesday, October 22, 2008
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